President Donald Trump wants to push the long-term economic growth rate for the U.S. from 2% to 3% by slashing the corporate tax rate. He is seen speaking at the Interior Department in Washington, D.C., U.S., April 26, 2017.

AP

Good morning. Last week President Donald Trump proposed slashing the corporate tax rate to 15% as the centerpiece of a tax plan designed to boost economic growth, Greg Ip writes. However, there is little compelling evidence that cuts in corporate tax rates lead to faster growth—and certainly not on the scale President Trump wants—among many of the largest U.S. trading partners.

This is a warning to administration officials who are counting on rate cuts to generate so much growth that they pay for themselves. Many forces operate on the economy, including demographics, the business cycle, technology and regulation. Taxes are just one factor and they are often less potent than advocates advertise.

CFO JOURNAL TODAY

Exam for valuation certification launched.Professionals who appraise intangible assets, such as a company’s trademarks, patents and customer relationships, can receive a special certification by taking an exam starting Tuesday, Rheaa Rao writes.

THE DAY AHEAD

The Chair of the Board of Governors of the U.S. Federal Reserve, Janet Yellen, is seen at the International Monetary Fund headquarters in Washington, D.C., U.S., April 22, 2017.

EPA

Fed unlikely to raise rates.Federal Reserve officials aren’t expected to raise short-term interest rates at the end of their two-day policy meeting today. However, it could provide some hints about the possibility of a rate hike during its next meeting in June.

Uber in court. Uber Technologies Inc. goes before a U.S. judge on Wednesday to fight for the right to continue work on its self-driving car program, Reuters reports. In other news, Samsung Electronics Co. received approval to test its self-driving technology in South Korea.

T-Mobile promises 5G network by 2020. T-Mobile US Inc. said it would set up fifth-generation wireless technology nationwide by 2020. The promise came on the heels of AT&T Inc. and Verizon Communications Inc. shelling out billions of dollars into wireless airwave licenses for 5G.

Citigroup battles Lehman.The head of Citigroup Inc.’s global trading desk recalled Tuesday the week Lehman Brothers Holdings Inc. collapsed into bankruptcy at a trial that will determine whether Citigroup can hold on to $2 billion.

Molina Healthcare Inc. fires CEO, CFO.Chief Executive J. Mario Molina and finance chief John C. Molina have been fired because of lackluster financial results. They will remain on the board. The Molinas are the sons of the founder of the company and have run the company for 20 years.

REGULATION

Jay Clayton, the chairman of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, March 23, 2017.

Bloomberg

Jay Clayton confirmed as SEC chairman.The Senate approved Mr. Trump’s nominee to lead the Securities and Exchange Commission. Mr. Clayton’s top priority will be to find ways to reverse a two-decade trend of the government layering new regulations on public companies.

Trump’s expected OCC pick signals shift at regulator. President Donald Trump ’s expected move to replace the comptroller of the currency signals a change in direction at the bank regulator that could ripple through the financial markets, from private-equity buyouts to financial technology—and even municipal securities.

SEC probes solar companies. Federal regulators are investigating whether solar-energy companies are masking how many customers they are losing, according to a person familiar with the matter.

Regulatory rollback criticized. The Center for Audit Quality, the Council of Institutional Investors and the CFA Institute have written a letter to the leaders of the House Financial Services Committee objecting to legislation that would weaken some key provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act, Accounting Today reports.

AICPA gives guidance to telecom firms.The American Institute of CPAs’ Financial Reporting Committee has released a new draft on how telecommunications companies can deal with the new revenue recognition standard, Accounting Today reports.

Perrigo offices searched. Perrigo Co. said Tuesday its offices were searched by investigators conducting a federal probe of price collusion in the generic-drug industry.

U.S. regulator rejects Japanese shipping deal.The U.S. maritime regulator has rejected an application by Japan’s three biggest shipping companies to operate as a merged company while their transaction is still being finalized back home.

SFO charges F.H. Bertling, again.The U.K. Serious Fraud Office charged F.H. Bertling Ltd. and four individuals with conspiracy to pay bribes for freight-forwarding services contracts relating a gas field in the North Sea, which is operated by ConocoPhilips Co.

EARNINGS

People wait for the sales launch of the Apple iPhone 7 and iPhone 7 Plus outside a SoftBank store in Tokyo, Japan, Sept. 16, 2016.

Bloomberg

Apple continues comeback campaign. Apple Inc.’s rebound continued in its latest quarter as profit rose and revenue increased for the second consecutive quarter. Profit rose 4.9% to $11.03 billion. The firm on Tuesday became the world’s largestdividend payer, the Financial Times reports.

Aetna to pull back further from health exchanges.Health insurer Aetna Inc. plans to scale back its presence in the Affordable Care Act exchanges from 2018 onward. It also said it expects losses on the business this year, even though enrollment on individual plans fell.

Mastercard beats expectations. Mastercard Inc. posted net revenue of $2.73 billion, surpassing estimates of $2.65 billion. This was attributed to an increase in transactions and volume growth on its network.

VW reports upbeat earnings. Volkswagen AG on Wednesday confirmed its outlook for the full year and reported a sharp rise in first-quarter profit despite the ongoing fallout from its emissions-cheating scandal.

Etsy replaces CEO after loss. Etsy Inc. will replace Chief Executive Chad Dickerson and cut about 8% of its workforce after it reported a first-quarter loss. Josh Silverman, a board member, will become CEO on Wednesday.

Mondelez gets boost from Latin America.Organic sales in Latin America increased 3.7% from a year ago. The region was the company’s top gainer. Mondelez International Inc. and its rivals are struggling with changing customer preferences in the U.S.

Low oil prices could affect Saudi spending.Mohammed bin Salman, Saudi Arabia’s deputy crown prince, stood by a decision to reverse a controversial government austerity program by restoring perks for employees of the state. However, he cautioned that there could be some cost-cutting measures if oil prices dropped.

CFO MOVES

Hudson’s Bay Co., a Canadian operator and owner of department stores, announced the departure of Paul Beesley, its chief financial officer, effective in early July. Mr. Beesley is leaving for personal reasons. The company has commenced search for a new CFO.

ITV PLC, a U.K. broadcaster, said Finance Director Ian Griffiths is to take on the extra duties of chief operating officer. Chief Executive Adam Crozier is stepping down on June 30 after seven years in the job. ITV has a “succession plan in place and a longer-term successor” to Mr. Crozier will be announced “in due course,” the company said. Until then, Mr. Griffiths will lead the executive team, according to a statement.

The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Nina Trentmann contributed to today’s Ledger. Send us tips, suggestions and complaints: kimberly.johnson@wsj.com.